Abu Dhabi's 2011 public revenue soars 41%

(MENAFN) Abu Dhabi's Department of Economic Development stated that the emirate's total public revenue surged by nearly 41 percent in 2011, reported Qatar News Agency. The department attributed the increase to higher global oil prices, which grew by 37.7 percent in 2011 to USD109.5 per barrel, from USD79.5 in 2010. It added that the emirate's oil revenue accounted for 90.6 percent of total revenues in the year. It is worth noting that oil revenues contribution to Abu Dhabi's total revenue in 2011 was close to levels that prevailed before the global financial crisis.